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Investment in Securities
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments in Securities Investment in Securities Investment securities available-for-sale are recorded at fair value on a recurring basis. The Company’s investment securities available-for-sale are measured at fair value using Level 2 valuations. The market evaluation utilizes several sources which include “observable inputs” rather than “significant unobservable inputs” and therefore fall into the Level 2
category. The amortized cost, gross unrealized gains, gross unrealized losses and fair value of investment securities are summarized as follows:
June 30, 2023
(In thousands)Amortized
Cost		 Gross
Unrealized
Gains		 Gross
Unrealized
Losses		 Fair
Value
State and political subdivisions $243,231 $1 $19,799 $223,433 
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises196,521 — 32,669 163,852 
Corporate bonds 111,231 — 10,068 101,163 
Treasury securities109,666 — 2,770 106,896 
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises43,729 — 1,560 42,169 
Total $704,378 $1 $66,866 $637,513 
December 31, 2022
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair Value
State and political subdivisions $317,376 $54 $22,304 $295,126 
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises205,175 — 31,236 173,939 
Corporate bonds96,348 — 11,251 85,097 
Treasury securities158,935 — 3,652 155,283 
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises47,213 — 2,190 45,023 
Total $825,047 $54 $70,633 $754,468 
The fair values of securities with unrealized losses are as follows:
June 30, 2023
Less than 12 months12 months or moreTotal
(In thousands)Estimated
Fair Value		 Unrealized
Losses		 Estimated
Fair Value		Unrealized
Losses		 Estimated
Fair Value		 Unrealized
Losses
State and political subdivisions $104,329 $1,171 $118,103 $18,628 $222,432 $19,799 
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises11,581 608 152,271 32,061 163,852 32,669 
Corporate bonds14,846 155 81,318 9,913 96,164 10,068 
Treasury securities9,656 247 97,240 2,523 106,896 2,770 
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises— — 42,169 1,560 42,169 1,560 
Total $140,412 $2,181 $491,101 $64,685 $631,513 $66,866 
December 31, 2022
Less than 12 months12 months or moreTotal
(In thousands)Estimated
Fair Value		 Unrealized
Losses		 Estimated
Fair Value		Unrealized
Losses		 Estimated
Fair Value		 Unrealized
Losses
State and political subdivisions $214,919 $8,958 $47,474 $13,346 $262,393 $22,304 
Mortgage-backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises53,732 6,135 118,017 25,101 171,749 31,236 
Corporate bonds32,517 3,629 47,580 7,622 80,097 11,251 
Treasury securities155,283 3,652 — — 155,283 3,652 
Asset backed securities issued or guaranteed by U.S. government agencies or sponsored enterprises— — 47,213 2,190 47,213 2,190 
Total $456,451 $22,374 $260,284 $48,259 $716,735 $70,633 
There were 280 securities, or 98.9% (183 of which for greater than 12 months), in an unrealized loss position as of June 30, 2023. The unrealized losses at June 30, 2023 were primarily attributable to changes in market interest rates after the securities were purchased. The Company does not currently intend to sell and, based on current conditions, the Company does not believe it will be required to sell these available-for-sale securities before the recovery of the amortized cost basis, which may be the maturity dates of the securities. Therefore, the unrealized losses are recorded in accumulated other comprehensive loss. There were 311 securities, or 91.7% (101 of which for greater than 12 months), in an unrealized loss position as of December 31, 2022. At June 30, 2023 and December 31, 2022, the Company had not recorded an allowance for credit losses on securities.
The amortized cost and fair value of investment securities by contractual maturity are shown in the following table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay obligations with or without prepayment penalties.
June 30, 2023
(In thousands)Amortized CostFair Value
Due in 1 year or less
$114,522 $111,901 
Due after 1 year through 5 years
144,547 141,874 
Due after 5 years through 10 years
205,751 179,827 
Due after 10 years
239,558 203,911 
Total $704,378 $637,513 
Proceeds from sales of investment securities classified as available-for-sale were $49.6 million and $111.1 million for the three and six months ended June 30, 2023 and $1.5 million for both the three and six months ended June 30, 2022, respectively. Gross realized losses were $199,000 and $347,000 for the three and six months ended June 30, 2023, respectively, and there were no gross realized losses for both the three and six months ended June 30, 2022. Gross realized gains were $0 and $187,000 for the three and six months ended June 30, 2023, respectively, and were $2,000 for both the three and six months ended June 30, 2022. There were no securities pledged to secure public deposits or for other purposes at June 30, 2023